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The misfortune of Lance Armstrong continues today as Nike announces the termination of his contract. As this news may come as a surprise to some, most can conclude this happening as being the inevitable. For an athlete that has achieved many accomplishments over the years including the success had with the LIVESTRONG Foundation, Nike can and will perhaps move on as a stronger brand. Below reads the official statement from Nike on their recent decision:

Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him. Nike does not condone the use of illegal performance enhancing drugs in any manner.

Nike plans to continue support of the LIVESTRONG initiatives created to unite, inspire and empower people affected by cancer.

Although sad news, it is important to remember that Lance Armstrong and his foundation has done a lot for the cycling world and cancer research altogether. With millions funded and campaign initiatives like the LIVESTRONG band, Armstrong will have to continue the fight minus the help of Nike. News also continues as Armstrong will relinquish his position as chairman of his foundation. A smart move? Maybe so.

Share your thoughts on this recent decision by Nike and stay tuned to Sneaker Files for more developing news.

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via NikeInc